While creating a last will and testament is an important estate planning step, it is not the only one Pennsylvania residents should be taking. Unfortunately, not many people realize there are a number of tools available to distribute one’s assets to loved ones, and it is possible to tailor them to one’s unique situation.
An executor plays an important role in asset distribution. Choosing who to appoint is an important decision and should not be made solely on the basis of kinship. Having a knowledgeable, trustworthy and reliable executor may be a better choice than a relative, depending on one’s circumstances. When making the decision, it is important to sit down with the appointee and explain what will be needed of them during estate administration. One must also make sure all the information the executor will need to distribute one’s assets are provided to them.
While it can be an honor to be selected as an executor of someone’s estate, it is also a heavy burden to carry that might result in legal repercussions if not fulfilled properly. Even though the executor is acting to the best of their ability, they might become personally liable if certain assets are distributed before others.
Compassionate guidance from experienced attorneys can ensure individuals are meeting their goals, whether it is creating an estate plan and selecting an executor or fulfilling one’s executor responsibilities. Lawyers at our firm work diligently to guide Pennsylvanians through all matters related to administering an estate and estate planning.